WASHINGTON (UPI) — U.S. mortgage application activity increased last week despite rising interest rates, the Mortgage Bankers Association said Wednesday.
Mortgage activity involving new loans and refinancing both rose 5 percent, the MBA said.
The organization said average interest rates for standard 30-year, fixed-rate loans increased from 4.07 percent to 4.15 percent, reaching the highest rate in more than a year. Average points for 30-year, fixed rate loans also rose slightly to 0.48, the MBA said.
For loans of more than $417,500, called jumbo loans, rates rose from 4.2 percent to 4.25 percent, with points averaging 0.32.
Average rates for 30-year, fixed rate contracts backed by the Federal Housing Administration climbed from 3.76 percent to 3.81 percent with an average of 0.32 points, up slightly from the previous week.
Average interest rates for fixed-rate 15-year loans increased to 3.32 percent with points unchanged at 0.38, the MBA said.
For short-term, adjustable-rate contracts, interest rates averaged 2.78 percent, up from 2.76 percent with points averaging 0.3, slightly down for the week.